Sorrento to Take Action Against Hindenburg Research for Statements Believed Intended to Manipulate Stock Price
Sorrento Therapeutics (NASDAQ: SRNE) reported on August 12, 2020, allegations of stock manipulation linked to a report by Hindenburg Research, which made false claims about one of Sorrento’s COVID-19 diagnostic products. The company is collaborating with law enforcement to investigate these claims and has issued a cease-and-desist letter through its legal counsel. Sorrento remains committed to its COVID-19 solutions, including saliva-based detection tests. The company emphasizes its focus on advancing its biopharmaceutical portfolio, adhering to its growth strategy despite these challenges.
- Sorrento is actively collaborating with law enforcement to investigate stock manipulation claims, which may protect investor interests.
- The company remains focused on its COVID-19 diagnostic solutions, potentially positioning it for growth in a crucial sector.
- Allegations of stock manipulation may create uncertainty and volatility around the stock.
- The presence of false claims could damage the company’s reputation and investor trust.
SAN DIEGO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE, "Sorrento") announced today that it believes it has uncovered fraudulent attempts to manipulate the Company’s stock.
On August 11, 2020, it was reported that an organization calling itself “Hindenburg Research” published claims regrading one of Sorrento’s COVID-19 diagnostic products. The report is believed to include false and/or misleading statements for the sole apparent purpose of negatively manipulating the company’s stock price.
Sorrento will collaborate with law enforcement and regulators to ensure that any criminal activity is investigated and rectified. Sorrento, through its legal counsel, Paul Hastings LLP, has demanded that the organization cease and desist from illegal and wrongful activity and retract false and/or misleading statements. Sorrento is also considering legal action.
Sorrento Therapeutics remains focused on developing a portfolio of COVID-19 solutions that spans diagnostics, prevention, early intervention and rescue therapies, including its rapid on-site detection test for SARS-CoV-2 Virus in saliva.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies ("G-MAB™ library"), clinical stage immuno-cellular therapies ("CAR-T", "DAR-T™"), antibody-drug conjugates ("ADCs"), and clinical stage oncolytic virus ("Seprehvir™", "Seprehvec™"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™ and T-VIVA-19™; and diagnostic test solutions, including COVI-TRACK™ and COVI-TRACE™.
Sorrento's commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin ("RTX"), and ZTlido® (lidocaine topical system)
For more information visit www.sorrentotherapeutics.com
Forward-Looking Statements
This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc., under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Sorrento’s technologies, including COVI-TRACE™. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento’s technologies and other risks that are described in Sorrento's most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento's Annual Report on Form 10-K for the year ended December 31, 2019, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.
Media and Investor Relations
Alexis Nahama, SVP Corporate Development
Telephone: 1.858.203.4120
Email: mediarelations@sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex Pharmaceuticals Inc. and Sorrento, respectively.
Seprehvir®, is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc.
All other trademarks are the property of their respective owners.
© 2020 Sorrento Therapeutics, Inc. All Rights Reserved.
FAQ
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